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The post <a href="https://coinpedia.org/price-analysis/this-positive-cycle-in-wif-price-teases-a-90-upside/" rel="noopener noreferrer nofollow">This Positive Cycle In WIF Price Teases A 90% Upside</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Bitcoin crashing to the bottom level of $57,000 boosts a selling spree in altcoins, leading to a massive dump in quick-to-move meme coins. In this sector, the WIF price trend shows a rather refreshing setup with an upside potential to reach $5.
As it tests a crucial support level with the support of momentum indicators, Dogwifhat could spearhead the next bull run. Will the <a href="https://coinpedia.org/price-prediction/dogwifhat-wif-price-prediction/" rel="noopener noreferrer nofollow">WIF price prediction</a> of reaching $5 hold true in 2024? swim against the broader market’s bearish tide for a breakout rally? Let’s find out now in our Dogwifhat price analysis.
<h2 class="wp-block-heading" id="h-dogwifhat-price-performance-nbsp">Dogwifhat Price Performance&nbsp;</h2>
With a constant rejection from the resistance trendline in the 4H chart, the WIF price is trading at a discount of 46% from the peak of $4.85. Currently, the meme coin trades at $2.55 with an intraday move of -1.98% following the 4.30% recovery last night. With a $2.55 Billion market cap, Dogwifhat ranks at #44 in the crypto world.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/dsxk2rOUlWo7lBVxmsAT6rKEzqoN7A8MDAkCvzTWx4-NMLv9UJft48chfaA_Yl2pSuMq1Niz6wNVhz4gKWFBaAN4dPxFXe2g9qFn-_XUn0ExOB98JXsjlbpEO23fW9H2xvMYbZ8HqFOjLz6IBXefFEA" alt="">
</figure>
<a href="https://www.tradingview.com/x/9RImJcrY/" rel="noopener noreferrer nofollow">Tradingview</a>
Despite a drop to the crucial support trendline under the 200D EMA at $2.29, the bulls are regaining momentum and reclaiming the $2.50 psychological milestone. Further, the bullish revival challenges the death cross in the 4H WIF Price chart and prepares to challenge the resistance trendline.&nbsp;
With the rising momentum and the support of trading volume, the meme coin paints a high possibility of a breakout rally. In such a case, Dogwifhat could spearhead the next phase of altcoin recovery rally.
Technical indicators:
EMA: The death cross in the 4H chart remains the key bearish indicator, a reflection of increased supply during the last correction phase.
RSI: The 4-hour RSI slope shows a bullish divergence in the last two dips at the support trendline.
<h2 class="wp-block-heading" id="h-will-wif-price-hit-5">Will WIF Price Hit $5?</h2>
If Bitcoin manages to sustain the $57,000 mark, avoiding a drop to $52,000, the meme coins could bounce back easily. In such a case, the WIF price trend could siphon additional momentum from the broader market. Under such conditions, the breakout rally in Dogwifhat could reach the $5 psychological milestone.&nbsp;

This Positive Cycle In WIF Price Teases A 90% Upside

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